Crypto License in Panama or Lithuania?

To obtain a cryptocurrency exchange license in Panama, companies must meet the following key requirements:

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• Register a Legal Entity: Establish a legal entity in Panama under the category of Specialized Financial Institutions (SFI).

• Obtain a Commercial License: Secure a commercial license and ensure the company is registered with the public registry.

• Website Disclosure: Ensure the company website discloses essential information such as the commercial name, office address, domain names, contact email addresses, terms of use, and privacy policy.

• Regulator Notification: Notify the regulatory authority about the business purpose and collect all legally required customer information.

• Submit Business Model and Plan: Provide a detailed description of the business model, a comprehensive three-year business plan, and a list of the intended services the company will offer.

• Submit Personal Data: Submit copies of personal documents, CVs, and criminal records for all owners and directors.

• Board of Directors: Ensure the company has a minimum of three directors.

• Technical Equipment and Financials: Present a technical equipment report along with a bank statement confirming sufficient operational finances to sustain the business.

• Customer Due Diligence: Establish and implement customer due diligence procedures, especially for high-risk transactions, and report accordingly.

• AML/KYC Compliance: Adhere to anti-money laundering (AML) and know-your-customer (KYC) regulations by developing internal policies to monitor and control transactions effectively.

• Documentation Submission: Complete and submit all necessary documentation for the company’s registration and licensing process.